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The report even cites the then-president-elect’s go-to slogan.
The immediate imperative in recovery is to “build back better,” placing the world on a path of sustainable, inclusive, and resilient growth. The crisis presents an enormous threat but also a one-off, last-chance opportunity – to restructure economies at the pace and scale that climate science requires by integrating climate action into the economic recovery from COVID-19.
Citing the importance of this commitment to the emerging markets and developing economies (EMDEs), which have been severely impacted by the COVID-19 pandemic, the report stresses the importance of private financial investment to counter EMDEs’ loss of revenue, debt pressures, and loss of credit standing. This is no charity project: We must learn the COVID-19 pandemic lesson that the world is one place and all humanity is interconnected.
If EMDEs are unable to put in place recovery packages that are strong and sustainable, it will not only be deeply damaging for their own growth prospects but will put the climate goals irrevocably beyond reach. EMDEs already account for two-thirds of global emissions and many are also the most vulnerable in the face of climate change.
The report, noting differences in measuring that occur across nations, concludes that the $100 billion commitment has not been met, and further recommends that the $100 billion mark be considered a floor and not a ceiling from all sources public and private for subsequent years.
It also proposes an “ambitious” agenda.
OUR CLIMATE FINANCE FRAMEWORK: A FORWARD-LOOKING AMBITIOUS AGENDA
ACCESS LARGE UNTAPPED PRIVATE FINANCE AND SHIFT WHOLE FINANCIAL SYSTEM
Opportunity for exponential increase in private finance. Promote alignment with climate risk and opportunity. Will require ongoing collaboration between public and private actors.
PIVOTAL TO SCALING UP PUBLIC CLIMATE FINANCE AND CROWDING IN PRIVATE FINANCE
Greater ambition needed to help countries by unlocking investments, leveraging balance sheets, mobilizing private finance & aligning support to Paris goals. Shareholders need to urgently buttress the required capital, post-Covid-19.
DIRECT AND CATALYTIC ROLE IN MEETING PRIORITY NEEDS, ESPECIALLY IN POOR AND VULNERABLE COUNTRIES
Green Climate Fund and other climate-related funds well positioned to support scaling up investments for mitigation and adaptation. Ambitious replenishments for these funds will be critical over the coming five years.
MEETING AND BOLSTERING COMMITMENTS
All bilateral donors need to meet their commitments and raise their ambition .Enhancing the grant component is more critical than ever.
2020 TARGET UNDERPINS INTERNATIONAL CLIMATE FINANCE SYSTEM
$100bn target will likely not be met in 2020; must now pivot to providing a major boost to strong green economic recovery packages, surpassing the $100 billion target in 2021, and raising ambition strongly for the period ahead.
~ Independent Expert Group on Climate Finance
A significant sign that businesses and investors are more than willing to take advantage of these new globally sustainable opportunities is the April announcement by Michael Bloomberg that Bloomberg LP, Bloomberg Philanthropies, and Goldman Sachs are offering capital and data to those who wish to enter these new ventures in these developing markets.
Capital markets are an extraordinarily powerful tool in the fight against climate change. Government action is certainly critical. But ultimately, reducing emissions globally depends on the private sector recognizing the commercial opportunities that sustainability presents. That’s the inspiration behind a new partnership we are announcing today
[…]
First, we will harness investor demand to direct more capital toward climate transition investments where the need is most acute: in developing markets. By marshaling more capital to finance clean-energy projects, we will be able to support nations and their utilities in their transition from fossil fuels to renewable power. This will both help build a more resilient economy and improve public health.
The Bloomberg announcement aligns with the UN’s plan.
The UN Secretary-General’s six climate-positive actions provides a valuable framework:
- First: Invest in sustainable jobs and businesses through a clean and just transition. Investments must accelerate the decarbonization of all aspects of our economy.
- Second: Do not bailout polluting industries unless these industries commit to become Paris aligned.
- Third: Fossil fuel subsidies must end, carbon must have a price to deliver a market-driven shift to a decarbonized economy and polluters must start paying for their pollution that is harming communities, employees, and consumers.
- Fourth: Take climate risks and opportunities into account in all financial and policy decisions.
- Fifth: Work together to recover better.
- Sixth: The transition to a carbon neutral economy must be fair and inclusive. We must leave no one behind. And we must ensure that more women are in decision-making positions.
~ Independent Expert Group on Climate Finance
Much to the horror of the fossil fuel industry, corporate America seems to me to be undergoing changes that may bode well for the world we live in. A heartening sign of this is a May 18 opinion piece published in The Hill and written by Paul H. Kupiec of the American Enterprise Institute. Treat yourself to a full reading in order to savor the aggrieved tone of the jilted lover.
According to the Wall Street Journal, (central banks) have pledged to join forces with financial regulators, “to limit climate change by steering their financial systems away from funding fossil fuels.” Given central banks’ collective history of causing inflations, recessions and financial crises while managing monetary policy, what could possibly go wrong if they start using the financial system to promote ”environmental sustainability”?
Burt Wolf narrates this PBS video about JUST Capital’s project to equip companies with the data and tools to practice stakeholder capitalism in order to build an economy which works for all.
Individual WAYS TO SAVE THE PLANET: SUMMARY
- Turn out the lights when not in use
- Avoid creating nighttime light pollution
- Don’t waste water
- Avoid burning wood (or other things), as wood fires are both pollutant and carcinogenic
- Don’t use pesticides
- Limit your use of cars and planes (if possible)
- Don’t use gas powered vehicles
- Take out grass and put in a garden or pond (or xeriscape )
- Mow, blow, and whack with electric or by hand
- Plant for the animals (bees, birds etc)
- Plant trees
- Don’t micro manage yards, go wilder
- Try to use solar
- Take a bus, trolley or train
- Encourage your city/town to use electric buses
- Use energy efficient products or products that work on clean fuels
- Reduce dependence on non-biodegradable items
- Walk, bike or carpool
- Turn down the heat or AC
- Reuse items- give to Goodwill or Craig’s list rather than dumping
- Cut down or cease eating meat
- Use reusable carry bags for groceries; second choice, paper bags; not plastic
- Compost
- Save the bees
- Be informed
- Write your representative, sign petitions
- Elect pro-environment candidates and demand action
- Support the Green New Deal
- Get involved
- March
- Blog about the environment
- Control population
- Tell a friend!
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Regenerative Culture for an Altered Planet (RCAP) diaries post every Thursday evening at 9 PM Eastern time. Each may be written by a different group member. RCAP focuses on individual actions that will help the climate. We hope you will join us for reading, following, even writing for us! Here is a handy link to RCAP.
IF YOU LIKE RCAP, YOU MAY ALSO LIKE THESE GROUPS:
GreenRevolution (GR): GR is the sister action group to RCAP. GR is a direct action environmental protest group seeking institutional action to help the climate. The two groups work in conjunction to help transform our planet before it is too late! Here is a handy link to GreenRevolution.
Climate Change Anxiety Support Group (CCA): Once convinced that the world is in a crisis, it is common to have anxiety, even grief. CCA is a nonpartisan support group in conjunction with the Kosability group (a group for those coping with physical and/or mental health issues). Here is a handy link to CCA.
Climate Fight (CF): DKos group inspired by Governor Jay Inslee, who is putting the climate fight first. Bringing change sooner rather than later. This began as a support group for Inslee’s presidential run, but continues as support for making change to limit climate damage. Here is a handy link to CF.
AND LINKS TO A COUPLE OUTSIDE GROUPS OF INTEREST:
Climate Psychology Alliance: A group of academics, therapists, and others who “believe that psychological understanding can help with the wide range of complex individual and cultural responses to the environmental crisis.”
350.org: “An international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.” Click the link to see how we get there.
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